Gruntal & Co., L.L.C. Selects PurchaseSoft for E-Procurement Solution

Business Wire, August 23, 2001

Business/Technology Editors

WESTBOROUGH, Mass.--(BUSINESS WIRE)--Aug. 23, 2001

Leading Brokerage Firm To Boost ROI in Purchasing and Inventory

Management

PurchaseSoft, Inc (OTC: PURC), a leading provider of e-procurement software, announced today that Gruntal & Co., L.L.C. a leading Wall Street financial services firm, selected PurchaseSoft's e-procurement solution. Gruntal & Co., L.L.C. expects to achieve new levels of cost reductions by using PurchaseSoft's PurchaseSmart(TM)solution to capture, analyze, and manage procurement activities through one system. With the PurchaseSmart(TM)solution, Gruntal & Co., L.L.C. will eliminate manual processes, improve payment cycles, meet audit standards, and place the spotlight on maverick purchases.

"We needed a Web-enabled e-procurement system that was practical, intuitive and scalable but powerful enough to give us real insight into our procurement operations. The PurchaseSoft solution meets these needs with sophisticated real time reporting and its insightful analytic features," said Eileen Lynn, Vice President of Corporate Purchasing at Gruntal & Co.,L.L.C.. "We believe that PurchaseSoft offers the best solution for our procurement needs."

"Gruntal & Co., L.L.C. joins other industry leaders in choosing the PurchaseSoft(R) solution to deliver immediate financial returns with a solution that is high-reward and low risk," said Eric Gonzales, Vice President of Client Services at PurchaseSoft. "An organization's purchasing decisions are more critical than ever and the impact of these decisions on the bottom line cannot be underestimated. Reductions in procurement or inventory costs translate immediately into a dollar-for-dollar increase in profits. The automation and sophisticated analytic and reporting capabilities of PurchaseSmart(TM) will empower Gruntal & Co., L.L.C. to improve supplier negotiation, manage inventory levels and reduce acquisition costs resulting in real savings. Purchasesoft's fully integrated solution, including procurement and inventory control, is a perfect fit for the needs of services firms, like Gruntal that warehouse significant amounts of indirect goods like forms and marketing materials."

About Gruntal & Co., L.L.C.

Founded in 1880, Gruntal & Co., L.L.C. has been providing financial services to individuals and institutions for over 120 years. Their experience in all market climates, forward thinking investment advice and personalized service provide a safe haven for clients who require complex financial planning and innovative options. Gruntal provides quality service to the investment community through its approximately 1,500 employees in offices across the country. To meet the evolving needs of clients, the Firm continually expands its comprehensive lines of products and services. In addition to standard brokerage services, Gruntal provides research, investment banking advice, advisory services, retirement plans and a full range of insurance products, as well as cash management services. Gruntal has approximately $100 million in capital and nearly $17 billion in assets under management.

About PurchaseSoft, Inc.

PurchaseSoft offers unparalleled expertise in procurement, the result of more than 24 years of procurement consulting and software development experience. PurchaseSoft helps companies drive down procurement costs with a practical, reliable solution for companywide purchasing efficiency. Built to streamline all procurement processes, PurchaseSoft's procurement suite also offers real-time reporting and strategic insight into buyer performance, purchasing trends, supplier quotes, inventory levels and acquisition costs. Superior procurement functionality, high-speed implementation times, better customer service and significant ROI are the PurchaseSoft difference.

For further information on PurchaseSoft, please visit the company online at www.purchasesoft.com.

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